Decentralized Bitcoin trading, what not to ignore? If you want to trade Bitcoin, scalping, day trading or you are already doing it, here is some important information.
Decentralized Bitcoin trading, what is it and is it possible?
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Bitcoin technical analysis to make informed decentralized Bitcoin trading
In the news of decentralized finance, we talk a lot about NFT, Metaverse and other projects, but some people ask the question, is it possible to do decentralized trading and especially on Bitcoin?
While crypto-currencies can be used to purchase everyday items in some stores, they are more commonly traded as digital assets for investment profit.
Impressive profits can be made by buying and selling on crypto-currency exchanges. But prices can be very volatile, so you could lose a lot too.
Bitcoin trading:
Bitcoin trading is how you can speculate on the price movements of the crypto-currency without necessarily buying Bitcoin. This is because traditionally, you would have to buy Bitcoin via an exchange, hoping that its price would rise over time. But now, those days are over, currently, crypto-currency traders are increasingly using derivatives to speculate on the rise and fall of prices – in order to make the most of Bitcoin’s volatility and without having to actually buy Bitcoin.
This allows one to trade Bitcoin in one’s own way, scalping, day trading, swing trading as one would with an index or gold.
Some people have already made their experience with a broker, they had to send money, after opening an account, and proceed to a lot of so-called security measures before they could actually trade. Then, once they made money, they were confronted with the broker’s system of claw backs.
In order to avoid all these procedures, and above all, in order not to need to trust a broker, by sending him his money, more and more traders are turning to decentralized trading.
At present, we can say that a good decentralized trading platform offers scalping, day trading and swing trading, as is the case with – gains.trade
Decentralized Bitcoin trading, the advantages:
The advantages of decentralized trading are obvious:
- no registration, no need to create an account
- high leverage if desired
- no sending money to a broker
- direct trading from your Metamask account, for example
- no need to apply to get your money back
You should know that on some platforms, you can do virtual trading, to familiarize yourself with the platform. Before you start trading for real, this option allows you to get used to the platform, which is recommended.
Another important point, you can also, on some decentralized trading platforms benefit from chat that allows you to communicate with other traders.
Therefore, yes, it is possible to trade Bitcoin on a decentralized trading platform and take advantage of the benefits offered by the blockchain and decentralization.
Now, you know, that when looking to trade Bitcoin, there is an alternative to using centralized exchanges to profit from the rise and fall of its price. You can trade on Bitcoin’s price movements via decentralized and leveraged trading.
For your information, it is possible to trade dozens of different cryptocurrencies as well as Forex (gains.trade).
Bitcoin trading, technical analysis (daily)
Crypto trading, decentralized trading with bitcoin, should we refrain from taking a position or on the contrary, is it the right time to take a position?
The first area to watch on the upside is the $28,500 area, which should be clearly crossed with volume. If we can also make it a solid support, then we can hope to reach the $31,000 area. Ideally, the $30,000 level should become a solid support, and a consolidation should take place at this level, in order to be able to start a significant rise.
Beware, as already indicated above, the banking news as well as the announcements of bankruptcies and regulations will create at least until this summer strong turbulences in the prices. This is why it is good to take a step back, which is why this chart is in weekly.
On the downside, we have an important area, the $26,500 area, which absolutely must hold, because otherwise, the next important support is in the $24,500 area.
Taking a position now is a choice, if you are investing for the long term, it can be a good price, if on the other hand you are trading with leverage, then be careful, as the risk of the price going down all at once and then going back up just as quickly is still high.
Supports are:
The $27,000 to $26,400 area and then the $24,500 area
The daily moving averages are bearish.
Next objective on the upside:
Break through $28,500 with volume and for this price to become a solid support to reach the next resistances in the $32,000 area
WARNING!
1. Trading with or without leverage is risky, you can lose everything you trade.
2. If you live in the USA or are American, you cannot trade on this platform
